News Shots

  • Dr Reddy’s Laboratories Ltd, Biocon arm Syngene International Ltd, Zydus Cadila Ltd have entered into a pact with US based Gilead Sciences. They can register, manufacture and sell Gilead’s investigational drug, Remdesivir, a potential treatment for Covid-19.
  • Two more investors TPG and L Catterton will invest a total of Rs 6,441 crore in Reliance Jio Platforms, making the recent number of investment deals in the telecom venture to 10 in less than two months.
  • Dr Reddy’s Labs launched Colchicine tablets in the US market. (Colchicine is a medication used to treat Gout disease, which is a type of arthritis that happens when you have too much uric acid in your blood and it forms sharp crystals in one or more of your joints)
  • Franklin Templeton Mutual Fund said it has received an interest payment of about Rs 103 crore from Vodafone Idea, which will be distributed among investors in proportion to their holdings in the plans of the segregated portfolios.
  • BNP Paribas Arbitrage acquired 1 crore shares in IDFC Bank at Rs 18.45 per share.
  • Tata Motors to announce Q4 reports today. Auto industry in focus.
  • Geojit Financial Services has reported a highly increased profit of Rs 18.75 crores, versus Rs 6.06 crores

What to expect today?

  • Global markets have marginally recovered from the falls that had happened mid-previous week.
  • NIFTY opened near 9500 on Friday but it was a rally afterwards moving to 9970. Major short covering happened in the market. DIIs bought for nearly 2000 crores while FIIs still ended as net sellers. FIIs had been selling heavily throughout last week, which is not a good sign for bulls.
  • The global market is mixed. Asian markets are mostly red. SGX NIFTY is currently trading lower at 9868, indicating a gap down opening in the Indian Market.
  • NIFTY is likely to trade between 9,800 and 10,000 today. There is a support at 9680 and resistance at 10,130. Obviously, these do not matter much today. The mathematical supports and resistances are very far away because of the previous highly volatile sessions
  • Highest Call Open Interest at 10,000, followed by 10,500. Highest Put Open Interest at 9,500, followed by 9,600. Clearly 9500 – 10,000 is an active trading range for the coming days.